Share of electricity in the final demand energy mix will more than double from today’s level to 40% in 2050, with two thirds of that electricity provided by solar PV and wind, said DNV GL.
Electrification will transform how energy is produced and consumed. By midcentury, 40% of final energy demand will be met by electricity (up from 19% in 2017), 63% of which will be generated by solar PV and wind, said the third edition of the Energy Transition Outlook (ETO) by DNV GL.
Electrification is also having a dramatic effect on road transport and by 2032 half of new car sales globally will be electric.
The intrinsic efficiency of electric engines means that despite a 75% expansion of the global vehicle fleet by 2050, road transportation will use less energy in 2050 than it does today.
Meanwhile, global emissions will peak in 2025, yet we still exhaust the 1.5 degree carbon budget in 2028.
“Existing technology can deliver the future we desire – including meeting the 1.5°C target set out in the Paris Agreement. So far, support for the energy transition has been too sporadic. For example, German, Japanese and Chinese support for the solar industry has been vital in transforming its energy mix and Norway’s and China’s uptake of EVs has been rapid because of government support. We need widespread policy supporting emerging technologies, and continuing the support in the build-up phase to accelerate the energy transition” said Remi Eriksen, Group President and CEO of DNV GL.
The technology exists to meet the Paris target, but policies must be put in place that promote greater energy efficiency, more renewables and industrial scale carbon capture and storage.
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